TEPCO major contract expansion and COVID-19 update

RNS Number : 6335H

IQGeo Group PLC

26 March 2020

 

IQGeo Group plc

(the "Company" or the "Group")

TEPCO major contract expansion and COVID-19 update

IQGeo Group plc (AIM: IQG) is pleased to announce, in working with its partner NESIC, an expansion of its contract with Tokyo Electric Power Company (TEPCO), Japan's largest electrical network operator, valued in total at £1.8m on a subscription basis over the next three years.

TEPCO deploys the IQGeo software as part of a critical and highly visible disaster assessment and recovery strategy for increasingly frequent severe weather events impacting Japan. The IQGeo software plays a key role in capturing current, accurate storm damage with mobile field crews and gives their operations centre the geospatial view they need to assess and plan safe and effective response strategies that enable rapid restoration of vital electrical services. This contract was already factored into the Board's expectations for the current and future financial years.

Separately the Company is very mindful of the potential impact of Covid-19 on its business and has implemented temporary strategies to ensure the impact of the challenges of Covid-19 on operating cash levels is limited. The Company's current backlog has not been materially impacted to date, but the Company is conscious that social distancing measures globally may slow the rate of new orders during this period.

Richard Petti, CEO at IQGeo, said :  "We are very pleased with our continued collaboration with TEPCO and our channel partner NESIC in Japan.  This substantial contract expansion demonstrates that IQGeo software is viewed as mission critical by our customers, and also confirms the continued pattern of multi-year contract expansions from initial installation dates."

For further information contact:

IQGeo Group plc   [phone]

Richard Petti

Tim Gingell

finnCap Ltd   [phone]

Henrik Persson, Anthony Adams (Corporate Finance)

Tim Redfern, Richard Chambers (ECM)

Notes to Editors

About IQGeo

IQGeo™ (AIM: IQG) a leading developer of geospatial software that improves productivity and collaboration across enterprise planning, design, construction, maintenance and sales processes for telecoms and utility network operators. Our mobile-first enterprise solutions create and maintain, an accurate view of complex network assets that is easily accessible by anyone, wherever and whenever needed. Specialized applications combined with our open IQGeo Platform help network operators create a single source of network truth to meet their digital transformation ambitions and operational KPIs. Our award-winning, cloud-enabled solutions save time and money, and improve safety and productivity, while enhancing customer satisfaction. Headquartered in Cambridge, with offices in Denver, Frankfurt and Tokyo, we work with some of the largest network infrastructure operators in the world. For more information visit:  https://www.iqgeo.com/

 

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